Bernie Madoff orchestrated the largest Ponzi scheme in history, defrauding investors of an estimated $65 billion. While primarily a securities fraud, his scam significantly impacted real estate investments, causing substantial losses and shaking the financial world. Madoff’s deception highlights the far-reaching consequences of financial fraud on various sectors, including real estate.
This research paper delves into the intricate banking system of the Ottoman Empire, spanning from its early informal financial practices to the establishment of modern institutions. It explores how the Ottoman Empire’s unique approach to banking, influenced by Islamic financial principles, avoided interest-based transactions in favor of profit-sharing methods such as mudarabah and murabaha. The study highlights the development of state banks like the Imperial Treasury and the Ottoman Bank, and examines their role in shaping both contemporary commercial and Islamic banking systems. By analyzing the impact of the Ottoman financial practices on modern banking, this paper provides valuable insights into the legacy of the Ottoman Empire’s financial innovations and their enduring influence on today’s financial institutions.
